Indian hotel chain Oyo is getting to raise about 84.3 billion rupees ($1.16 billion) in an initial public offering, consistent with draft papers submitted to the country’s market regulator.

Oyo plans to issue new shares worth up to 70 billion rupees while existing shareholders could sell shares worth up to14.3 billion rupees. a number of the start-up’s prominent backers include SoftBank Vision Fund, Lightspeed Venture Partners and Sequoia Capital India.

According to the draft prospectus uploaded by ICICI Securities, which is one among the book running lead managers for the IPO, Oyo would also consider issuing shares worth up to 14 billion rupees ($193 million) during a pre-IPO placement.

The Gurugram-headquartered firm said it might use proceeds from the IPO to pay off existing obligations and fund growth, which could include mergers and acquisitions.

Oyo’s technology allows hoteliers to simply accept online bookings and payments through its platform, among other services. The start-up has expanded beyond India and into the U.S., Europe and Southeast Asia . It considers India, Indonesia, Malaysia and Europe as its core growth markets.

Last year, a replacement York Times report cast doubt on the Indian start-up’s financial health, highlighting questionable tactics employed within the pursuit of growth.

The coronavirus pandemic has hammered the hospitality sector and therefore the Indian hotel chain laid off employees to chop costs and losses.

The start-up is additionally the newest among variety of highly valued Indian tech start-ups to enter the general public market.

Food delivery firm Zomato made its market debut in July. Payments giant Paytm has filed for a $2.2 billion IPO. Ride-hailing firm Ola is getting to agitate to $1 billion when it goes public. Walmart-owned e-commerce player Flipkart is additionally reportedly considering a public listing.